07-09-2002 Council Agenda - Laserfiche WebLink

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TIF District Overview A comparative analysis of estimated market values both with and without establishment of the District and the use of tax increments has been performed as described above. If all development which is proposed to be assisted with tax increment were to occur in the District, the total increase in market value would be up to $9,3 10,600. The present value of tax increments from the District is estimated to be $1,244,565. It is the Council's finding that no development with a market value of greater than $8,066,035 would occur without tax increment assistance in this district within 25 years. This finding is based upon evidence from general past experience with the high cost of acquisition and public improvements in the general area of the District (see Cashflow in Appendix D of the TIF plan). 3. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 3 -3 conforms to the general plan for the development or redevelopment of the municipality as a whole. The Planning Commission reviewed the Plan and found that the Plan conforms to the general development plan of the City. 4. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 3 -3 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of Redevelopment Project Area No. 1 by private enterprise. Through the implementation of the Plan, the EDA or City will provide an impetus for residential development, which is desirable or necessary for increased population and an increased need for life - cycle housing within the City. Page 5 EHLERS